So what: Record non-GAAP EPS of 0.29 euros (equal to $0.42) for the second quarter was well ahead of the consensus estimate of 0.22 euros. GAAP EPS of 24 euros grew 41% year over year. Revenue grew 38% year over year to 53.3 million euros.

Now what: Management left guidance for the year unchanged, despite the 0.07 euro upside in the second quarter. That suggests it has moderated expectations for the company in the second half of this year. It didn't help that SodaStream raised guidance after reporting a strong first quarter three months ago. At yesterday's closing price of $68.81 the stock had a forward non-GAAP P/E ratio of 43 times. Investors are adjusting their earnings growth outlook downward ... and adjusting the stock price accordingly.

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Isn't that the stupidist thing. Friday and Monday the sky falls and stocks are dropping like crazy while SODA drops a little, just to go with the trend. Then the good news that dang if they aren't selling that stuff like crazy and even Europe is buying more (so much for a fast fad). NOW when every other stock is going up, SODA decides to go down, on good news. SODA even beat the analyst expectations. What the heck does a stock have to do to get any respect?

If I had one of those machines I would use something stronger than water in it and give SODA a toast for having to deal with bubble head investors. Ok, if it is still down tomorrow i'll buy some SODA. Heck, might anyway, up or down.

Nobody paid attention to the earnings call where the CEO said two important things about the second half, and one thing that was surely overlooked by the number crunchers.

First, he cited the huge increase in installed base in the second half of 2010 for comparison. I think he was being conservative given the second thing he spoke about was the dramatic increase in repeat usage in the U.S. compared to the rest of the world.

And if anyone was paying attention, he also said second earnings would INCLUDE comp expense (about $1m). Previously, they reported this as a non GAAP item. So, this isn't apples to apples.

And just for a kicker, he just teased at the mass expansion plans for a "mass retailer" in the second half, and numerous other initiatives that will bring the product to consumer's attention.

Sorry Cindy, but you didn't do your homework. Never mind what the market thinks for one day. That isn't supposed to be the Fool way.